India’s Most Successful IPOs of 2025: What Drove Their Market Momentum

India’s IPO scene had an excellent 2025. The nation ranked fourth globally for IPOs and had raised ₹85,241 crore up to the end of September. It has seen major success stories across a range of industries, and it isn’t showing any signs of slowing down. Here’s how it all panned out.

How 2025 Compared with the Previous 5 Years

2025 is about to set some records. It’s already the year with the largest IPO success ever for a non-banking financial company (see Tata Capital below). At the same time, Kotak Mahindra Capital Company forecasts that by the end of 2025, India’s IPOs will have raised ₹12,000 crore—a new record. The most  fascinating thing about this is that almost all of the capital comes from domestic investors. This year, overseas investors have stayed away in droves, thanks largely to US President Donald Trump’s 50% tariffs on India’s exports to the US.

India’s IPO market took off post-pandemic, waned slightly, and then surged again in 2024 and 2025, when it raised record amounts of capital. Here’s what the past five years delivered:

Year	Number of IPOs	Capital Raised (INR billion)
2021	120	800
2022	100	600
2023	95	550
2024	76	1700
2025 (forecast)	125	2000

 

India’s 3 Most Successful IPOs in 2025 by Capital Raised

At the time of writing, 79 companies have raised impressive amounts through IPOs; the following three are the biggest success stories so far:

Tata Capital

Tata Capital Limited is part of the Indian juggernaut Tata Group. It’s the finance arm of the group, specialising in lending and offering home, business, corporate and vehicle loans. It has around 7.3 million customers across personal, SME and large companies. The purpose of the IPO was to raise capital to expand its loan book and move into other areas.

The IPO’s results surprised everyone, raising ₹15,511.87 crore—a national record for a non-bank issuer.

Unfortunately for Tata Capital, its bull run was short-lived. It was initially listed for ₹330.50, but its trading this week ranged between ₹319 and ₹336, hovering right around the IPO price. Investors are currently seeing around a 1% return on investment.

HDB Financial Services

HDB Financial Services is a subsidiary of HDFC Bank that offers a range of financial services to personal and SME customers, including loans, insurance and BPO services. Its target market is consumers and businesses in Tier-2 to Tier-4 cities across India, like Jaipur, Kochi, Aligarh and Nandyal, leaving cities like New Delhi and Mumbai for its competitors. It serves just over 19 million customers in these smaller cities. The IPO aimed to expand its loan book and to invest in new technologies.

HDB Financial Services was listed in June 2025 at ₹840.95 and raised the second-highest amount of capital via its IPO, ₹12,500 crore. By mid-October, it was trading around ₹730, but investors are confident it will rally by the end of the year.

LG Electronics India

Korean-owned LG Electronics is one of the world’s largest manufacturers and retailers of consumer electronics and white goods. The Indian subsidiary has two arms: Home Appliances and Air Solutions, and Home Entertainment. Its IPO in October of 2025 was massively oversubscribed—around 54 times. It raised ₹11,607.01 crore.

At the time of writing this, it had only just been listed on the National Stock Exchange of India (NSE), but in the first few days, it returned over 50% on investment.

Industries Where IPOs Are Hot

Like most years, financial services dominate the IPO market, as clearly shown in 2025 by Tata Capital and HDB Financial Services, which are coming in as first and second most successful for the year.

As India is a country of massive development, capital goods is always another dominant sector with IPOs; in 2025, 17 companies issued IPOs. GLEN Industries Ltd and Smarten Power Systems were the two largest. Clean energy is an emerging market in India, and in 2025, 16 companies in this sector issued IPOs, including Saatvik Green Energy, GK Energy and Vikram Solar, raising ₹1,800 crore collectively.

Every year, healthcare companies issue IPOs, and in 2025, pharmaceutical and biotechnology companies were at the fore, with seven IPOs that raised ₹9,000 crore. Anthem Biosciences and Travel Food Services’ healthcare supply chain arm were the standouts. Consumer technology is another sector with successful IPOs, with LG Electronics India and Lenskart Solutions Limited being shining examples.

Industries Where IPOs Saw Less Success

The PSU is a thriving sector in India and usually sees some very successful IPOs each year. In 2025, there was only one, the Indian Renewable Energy Development Agency. Three more are slated, but they may be held over until 2026.

Even though India has a thriving entertainment sector, including Bollywood, there wasn’t a single IPO from this industry. No traditional entertainment company has held an IPO for several years. In 2025, Amagi Media Labs, which is a tech-media company, held its own IPO, but nothing else came from the sector.

A market that investors were poised to watch in India is the iGaming market. However, no online gambling operators are preparing for an IPO—not even those that provide players with smaller wins. The reason for this is that in October 2025, the Promotion and Regulation of Online Gaming Bill, 2025 came into effect, banning all forms of online gambling. Before this, each state had its own rules, with a mix of onshore and numerous offshore operators providing entertainment for India’s citizens. They’re all now banned, taking the industry firmly off the IPO radar for the foreseeable future.

India’s IPO Market Is Not Slowing Down

Over 100 companies are awaiting SEBI approval to raise around ₹1.86 lakh crore combined, setting 2026 up to be yet another record year for IPOs in India. India’s large-scale development projects and strong domestic spending are driving these higher-than-expected IPO success stories. However, sustained growth may depend on continued stability around the world, especially in relation to international tariffs.

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